S&P Downgrades Four Main Greek Banks From B To CCC On Deposit Flight Concerns And, Well, General Bankruptcy Fears

Tyler Durden's picture

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Harlequin001's picture

If I remember correctly it was Moody's that maintained a buy rating on Enron until only 4 weeks before it failed.

Why do people bother with this crud?

 

centerline's picture

Greece is being pushed over the edge.  Make one wonder what the strategy is here - and ultimately who the players are.

Bindar Dundat's picture

The strategy is Random ignorance...

centerline's picture

Thats my favorite strategy.  This should be interesting.

Al Gorerhythm's picture

How's it working for you so far?

SheepDog-One's picture

Everything is bankrupt, and this 'QE3 is Operation Twist for 2 yr bonds' is like giving a heroin addict an aspirin, it will not make the market junkies 'happy'. Why print money to buy bonds, why not just print pre-paid bonds...who are we fooling? No ones buying those bonds except the PD's for the 2 weeks flip back.

So while everyone expects endless free heroin fixes and good times, what people seem to be missing is its 1930 again in the world, except this time far worse.

ZeroPower's picture

Nice EURUSD move lower overnight.

SheepDog-One's picture

We're now going from 'everythings bankrupt and falling apart' to 'everythings just fine, couldnt be better actually' in 12 hour swings now.

GetZeeGold's picture

 

BK doesn't stand for BurgerKing.

 

Portugal's picture


IF S&P
was coherent with its analysis, then all entities working in Greece or having relevant
business with Greek entities should be automatically placed on negative
watch/downgraded…<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


Another
proof that Rating agencies are no longer providing the service which is the
base of their acceptance as industry standards, i.e., independent credit assessment
of sovereigns, entities or companies.


Saying Greece
has a lower credit rating than some countries ….like Jamaica ….is as stupid as saying
that the “green shoots” in America have produced some (meaningful) fruits….


Probably,
the world needs that the Greeks again show what is the true meaning of
democracy. After all… they invented the concept… not some teenager asset managers
on the other side of the planet!

Highrev's picture

Pawns doing what they are told.

 

SheepDog-One's picture

'S&P' what a joke, they missed the US bank collapse totaly, OH but they on the spot with Greek banks though. Yea sure.

Poor Grogman's picture

Central banks to the world....

"The money printing, market manipulation and disinformation will continue,until the markets settle down."

SheepDog-One's picture

Looks like markets are going to settle down lower today.

gwar5's picture

The Greek banks ought to start printing Drachmas. If it's good enough for Benkamakazi it's good enough for Greece. Think of the big boost to exports and tourism.

CrashisOptimistic's picture

The German banks finally divested themselves of all Greek positions.  In fact, they took some pro default swap positions -- and informed Merkel of it.

The rest is easy.

AldoHux_IV's picture

Global banks around the world and their minion central banks are insolvent-- they've spent trillions of dollars as a proxy for other currencies and have still not been able to make these institutions survive without the aid of manipulation and taxpayer blood.

It is high time that everyone realize the need to take our governments back and break these insolvent institutions up as the recovery is false and we are not better off having bailed out these institutions.

End the current world order, end the IMF, end the Worldbank, end central banks, and take down our corrupt officials who serve only their banking masters.